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Auditing is a process where different vouchers and books of accounts of an organization are audited by a particular person. However, everyone cannot do these audits. Persons who are hired to do these audits have to be qualified for this particular job. This will ensure that audits that are done are accurate.

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Objectives of Accounting

Accounting and auditing is done with a basic purpose in mind. If you want to know more about these objectives then you can certainly go through points that are mentioned below:

Verifying various financial statements as well as accounts

Detecting frauds or errors in these financial statements

Preventing frauds and errors from occurring.

During accounting all auditors are given proper access to accounts, statements as well as books of the organization. They go through these books thoroughly and if they are satisfied they will give a clean chit.

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In order to get certified, the book of accounts should be able to give a proper view of the financial position of a particular company.It also gives proper direction to the intentional as well as unintentional errors made in the accounts of the organization.Auditing and accounting cases solutions can be found by contacting reputed companies.

In order to do so auditors vouch various transactions and then compare balances that are there in various book of accounts. In case auditors find out that errors made in these book of accounts are made purposely then it is referred to as fraud.These frauds can well be detected by certain important documents like vouchers, invoices, wage sheets, vouchers etc.

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Advantages of auditing

There are a number of advantages of auditing and details of these benefits are mentioned below:

Auditing helps to detect both errors as well as frauds. It also tries to suggest you certain ways that will help in preventing such errors.

Auditing also helps in keeping these accounts up to date so that organizations are able to prevent themselves from making all kinds of mistakes.

Parties that are involved also feel very confident about various audit reports because these are done by an independent body.

Audited accounts in most cases are found to be authentic.

Auditors who audit your accounts are mostly experts in the field of accounts. So they are very much aware of financial laws and render proper judgements to these organizations.

If auditing is done in joint stock companies then there is no way the director can take undue advantage.

Auditing also helps in a proper settlement among various partners.

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Importance of auditing financial statements

Financial audit is the audit that helps in verifying various financial statements of an organization. This audit is done in order to confirm that the financial statements are properly made and do meet criteria of accounting act.

As per law, you have to do audits of financial statements of an organization. Auditing financial statements of companies that have at least 50 people, have a net income of EUR 5000000 or equivalent other currencies and have a net asset value of 2500000 euros is compulsory.

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These are some of the advantages of auditing financial statements

There are a number of advantages of auditing financial statements.

If you audit financial statements of your organization then you will be able to understand actual financial situation of the company. You will be able to tally it with accounting documents.

In case during the process of auditing there are any irregularities found then proper measures can be taken to correct it. If these errors are not corrected within specified time then that might lead to serious results.

Again, if there are mistakes in financial statements and this is found out by the Tax office then it could lead to negative consequences. In certain situations you will also see that there are certain mistakes in financial statements that are impossible to be detected by other methods.

A proper audit will help you to understand if financial strategy of a particular company is proper. If final situation is not proper then weak areas can be detected and proper actions can be taken properly. Budgeting and planning becomes much more accurate with a proper auditing. As a student it is important for you to get the right auditing and accounting cases solutions.

There are also certain internal controls systems that help you find out ways that will eliminate weaknesses that are there. So in order to ensure that all financial systems of a particular company is in place regular audits is a must. This will also help in controlling certain unnecessary expenses.

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